According to a research report published by J.P. Morgan Chase, unless interest rates rise sharply or market conditions unexpectedly reverse, the Hong Kong real estate industry is entering a cycle of rising profits. The average earnings per share for the first and second fiscal years are expected to increase by 5%, respectively, while dividends per share will increase by 3% and 4%, respectively. Looking ahead to the fourth quarter, the driving force of performance on stock prices will weaken, and interest rate expectations and industry segmentation dynamics will be the key. Among the industry segments, the bank favors office buildings in the central district, followed by retail, residential, and office buildings outside the central district, and is optimistic that there are more real estate developers operating retail leasing businesses than real estate developers. Preference is given to Swire Properties, Hong Kong Land, Wharf Land, Changshi, Yee Wo and Changhe.

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